Within the cryptocurrency market, Fantom (FTM) has experienced a notable upswing, with a growth of more than 20% in the past 24 hours, reaching $0.8563 as of the current time.
This recent surge comes after a period of consolidation, sparking speculation that FTM might be gearing up for a significant upward trend.
Given the alignment of key resistance levels and technical indicators, could Fantom be on its way to surpassing the next milestone of $1.71?
Charting a Positive Trajectory
Breaking free from a descending triangle pattern, Fantom has signaled a bullish formation that often precedes substantial upward movement.
As a result, the value has crossed previous resistance zones, indicating a renewed interest from buyers.
Attention is now directed towards overcoming the $1.14 resistance point, which could serve as a critical juncture in FTM’s journey.
If this hurdle is cleared, Fantom may advance further towards $1.71, a price point last observed during previous bullish cycles.
In addition, Fibonacci retracement levels have validated the upward trend, with FTM comfortably surpassing the 0.618 retracement level, a strong bullish signal.
Moreover, the Stochastic RSI suggests that there is still room for Fantom’s ascent, as momentum remains steady without entering the overbought territory.
Nevertheless, traders should exercise caution near resistance levels, as profit-taking activities could momentarily impede the rally.
Confidence Boosted by Fantom TVL Milestone
The positive sentiment around FTM was further fueled by a significant milestone in its Total Value Locked (TVL), which recently exceeded $9 billion.
This surge in TVL underscores the escalating activity and trust within Fantom’s decentralized finance (DeFi) platforms, reinforcing the narrative of sustained growth potential for FTM.
Optimistic On-Chain Activity Trends for FTM
On-chain metrics continue to support Fantom’s optimistic outlook. The Net Network Growth has seen a slight uptick, indicating gradual adoption, while large transactions have surged by 4.6%.
This uptick suggests that institutional players or whales are actively involved in the network.
Despite a mild bearish trend in the concentration metric, the overall strong positive signals outweigh any negative implications.
Mixed Sentiments from Long/Short Ratio
Interesting insights emerge from Fantom’s Long/Short Ratio, revealing a market sentiment characterized by caution. Short positions hold 52.79% while long traders account for 47.21%, reflecting a delicate equilibrium.
The clash of opposing strategies could heighten volatility around resistance levels.
Anticipating a Move to $1.71 with Cautious Optimism
The momentum of Fantom’s breakout, coupled with favorable on-chain activity and technical signals, indicates a strong likelihood of further growth.
If Fantom decisively breaches the $1.14 mark, a rally towards $1.71 becomes a realistic possibility. Yet, vigilant monitoring of price actions is advised as resistance thresholds are tested.